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Slide #37. Cross Country Healthcare — Assets of Allied Healthcare Business
Cross Country Healthcare (NASDAQ:CCRN)
Assets of Allied Healthcare Business
Cross Country Healthcare, Inc. (NASDAQ:CCRN), a leading provider of healthcare staffing solutions, announced today that it has acquired the operating assets of On Assignment, Inc.'s Allied Healthcare staffing division for an aggregate purchase price of $28.7 million, subject to immaterial post-closing adjustments. Excluded from the transaction were the accounts receivable, accounts payable and accrued compensation of the business being acquired. Cross Country utilized a combination of approximately $24.5 million cash on hand and $4.5 million borrowings under its credit facility to fund the asset acquisition and related costs. Subsequent to the transaction, Cross Country has approximately $21 million of remaining availability on its revolver loan. Based on unaudited financial statements, the acquired Allied Healthcare business generated $39.5 million in 2012 revenues and is projected to generate approximately $41 million of revenues for all of 2013. The acquisition is expected to be accretive to Cross Country's 2014 earnings by approximately $0.04 per diluted share.
Cross Country Healthcare provides healthcare staffing, recruiting and workforce solutions. Co.'s business consists of three business segments: Nurse and Allied Staffing, which provides staffing, recruiting, and workforce solutions including temporary and permanent placement of travel and local branch-based nurse and allied personnel; Physician Staffing, which provides physicians, certified registered nurse anesthetists, nurse practitioners and physician assistants under its Medical Doctor Associates brand; and Other Human Capital Management Services, which is comprised of retained and contingent search services for physicians, healthcare executives, and other healthcare personnel.
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